I CHALLENGE YOU... FOR 53 WEEKS!

The New Year is quickly approaching and that means it’s time to set our New Year’s Resolutions. Most times our resolutions center around our health and well-being. For 2015, I want to challenge you on a financial resolution.

What’s the challenge?

For 2015, I am going to challenge you to save $1,431. I know, it sounds like a random number but it’s all part of the 53- Week challenge. For those of you that did the challenge with me in 2014, you remember it was a 52-week challenge where we saved $1,378.  Well,  there are 53 weeks in 2015, which gives us an extra week which means we can save more money.

The way it works is, each week you save a specific amount of money starting with $1 and every week the amount increases by $1. So the first week of the New Year, you collect $1. The second week $2. The 15^th week… $15 and so on until you hit week 53, which at that point, you collect $53. The challenge is easy to do… it’s remembering to put the money aside that’s the hard part. 

How to get started

I did this challenge last year and I found the easiest way to was to open up a new savings account. This way I could direct my challenge money to that account and it was out-of-sight, out-of-mind and it prevented me from “borrowing” money from that account.

In addition, you will need to create a 53- week challenge chart so that you can keep track of what needs to be set aside. Check out an example of the 52- week challenge.

Most importantly, you will need determination. It’s not easy to pay yourself first, but it’s worth it in the end.

Want to challenge yourself even more?

I know how hard it is to save money each week, I've always been told, “It takes 21 days to set/break a habit.” So, once you get 21 days into the habit will become easier. But, if you are up for it, let’s make this challenge harder by reversing it. Instead of starting with $1 for week one, $2 for week two and so on. Try starting with week 53. Put away $53, then week 2 put away $52 and work your way down so that on week 53, you only have to save $1.

I prefer this way because it get the larger amounts out of the way. Plus, when we get into the holiday months, I don’t have to worry about putting in the larger amounts.

There are many ways to do the 53- Week Challenge, find the way that works for you and be sure to stick to it. It’s nice having some extra money come the end of the year.

^Alysha

WINTER BREAK FAMILY FUN

Winter break is here! Well, for us Floridian’s it’s more like a mini summer break since we don’t have the snow and cold weather. But nevertheless it means school is out and your homes have just become camp. That means two glorious weeks of keeping your children entertained… Good luck!

But how?

I remember when I was in school after we had summer and winter breaks, we’d always come back to school and compare stories to see who had the best breaks, and it was always a competition. So, it’s important to plan fun and exciting things for your children while home on break.

Jump around!

Children are full of energy! So what better way to help your child release energy then an indoor trampoline park? Not only can they bounce around for hours, but invite their classmates and they can shoot hoops, play dodge ball and just have a fun time… being kids! Plus, the adults can jump around too and it’s a great way to make memories as a family and burn some of those extra eggnog calories.

Light show!

Take a drive through the neighborhood and various other neighbors and view the holiday lights. Play some holiday music, sing along as a family and enjoy all the hard work people put in to decorating their homes. Tradewins Park in Coconut creek, has an awesome light show that will be sure to amaze your children. I know as an adult I still love to go and see the lights.

Give back!

Teach your children that the holidays are also about giving. Have them spend a day cleaning out their room of toys and clothing they no longer need or use and bring them with you to donate the items. This way, they see how they are helping others less fortunate and it allows them to realize the holidays are more than what gifts they unwrap.

It’s Craft Time!

I am not one for arts and crafts but children love to express their inter artist. With websites like Pinterest, you can come up with some fun arts and crafts for your children to complete. Have them make gifts for their teachers, or get a head start of Valentine’s Day cards for their classmates. Maybe have them work on Mother’s Day and even Father’s Day gifts. Or keep it simple and create some fun holiday decorations for around the house.

Box Office!

Children love the movies! Use their Student ID card to get a discount at the movies or check out an afternoon movie to save a few bucks. Another fun way to view a movie is the drive in. Take your children and their classmates to the drive in movie. Set up lawn chairs, bring your own food, drinks and candy and let the children have fun while the adults hang out too! It’s another great way to make family memories and a fun way to enjoy the beautiful South Florida weather.

 Discounted Fun

Sometimes fun can cost, but check out sites like LivingSocial, Groupon and even the Greater South Florida webpage for discounts and freebies for fun times with your children. Family time is what matters and making memories is what counts, these websites have things the entire family can enjoy.

And don’t forget… we live in SUNNY SOUTH FLORIDA, where we have FREE beaches, plenty of parks and beautiful weather to enjoy year round. So, grab a football or soccer ball and enjoy the open field. Bring some snacks, have a picnic and make some fun family memories.

Keep up with School

Parents, please also be sure to check your children’s backpacks for winter break homework packets, you don’t want your children to fall behind. Have them complete their homework assignments early in the break so they can get it out of the way and the whole family can enjoy the much-needed break.

Whatever it is you might be doing with your children this winter break, be sure to have fun and make ever lasting memories!

^Alysha

HANDLING HOLIDAY STRESS!

The holidays always bring the best memories to me, but they also bring the most amount of stress too.

Growing up, I remember having huge holiday parties with over 20 guest at my place and my mom doing all the cooking. I remember the smell of my mom’s home cooking filling the house and the laughter of everyone’s stories filling the rooms. But I also remember the struggle of putting up our 18 foot Christmas tree. Yes, we have an 18 foot Christmas tree. And while the tree is beautiful, it’s also very stressful.

With the holidays in full swing our stress levels are on the rise. But don’t worry, I've got some tips and tricks to help you relieve some of your stress this holiday season.

Stop and breath

When it comes to the holidays, we all do way too much! Just stop, and take a deep breath. Instead of feeling the need to take on all the responsibilities, delegate to family and friends.

If YOU are doing the cooking, ask someone else to help with shopping. Simply give them a list of the items you need and this will save you a few hours of your day. If you are going to someone else’s home, insist that you bring something so they don’t have to worry about every aspect of the meal. Offer to bring desserts, or appetizers or even the beverages.

Gift wrapping can also cause a lot of unnecessary holiday stress. My mom used to stay up all hours of the night wrapping gifts. Try to schedule time to do it ahead of time. If you can’t find the time, have your children help. Have your kids wrap gifts for each other. As we got older, my mom would box the gifts so we couldn't see what was inside and we’d just wrap the box. It helped her a lot and we didn't know what our gifts were.

Laugh more!

Sometimes we get so involved with our everyday stress that we forget to laugh. If you mess something up, laugh over it. It’s not the end of the world. If your gifts don’t come out as nicely wrapped as you’d like, who cares, the paper just gets torn off anyway. Let your children help too and don’t stress over the Apple Pie not being perfect but instead encourage them to help you. Reminisce over older memories and just laugh. You can even play old holiday family films and laugh about the jokes that took pace. Every year my mom creates a family video…but, we've never seen one of them so we laugh about it. This year might be a good year to take them out and play them while we help with Christmas dinner.

Shut down!

Turn off the electronics, shut down the e-mails and just spend time with your family and friends. If you’re on PTO time, work e-mails can wait. Turn off your cell phone and don’t worry about the content, ding or messages but rather the people around you and the conversations that are around you, I guarantee they are more important than the messages on your phone.

Always remember, the holidays are about being with loved ones, don’t stress so much if something isn't perfect, chances are no one will know or care.

^Alysha 

LAST MINUTE HOLIDAY TRAVEL

What do the holidays mean to you? For me, the holidays are about spending time with my family and friends. It’s about laughing and making new memories while reliving the old memories. But, sometimes this means last- minute travel. 

We all try and plan ahead when it comes to travel, but there are so many factors that could result in last- minute travel, like your work schedule, your child’s school schedule and even just living a busy life and forgetting to make plans.

Making last-minute travel plans can be very stressful not to mention sometimes very expensive! But don’t worry, I’m all about finding the best deals so I’ve found some great tricks to use this holiday season should you find yourself booking last-minute travel.

*Be Flexible: I know that everyone ones to pick out the perfect travel plan for themselves and their families. Maybe it’s a mid-morning flight. But, if you click the flexible date option when searching for airfare you are more likely to find a cheaper flight.
 

*Rewards… Use them! If you are lucky enough to have rewards points, USE THEM! The holidays are the best time to use rewards points when flying because they can really cut down on the cost of a ticket.

*Nonstop! I know I know, everyone hates layovers. You never know if your connecting flight will be on time. But, when it comes to last minute travel, adding stops to your flight is really going to cut down the cost.

*Airports: Be sure to compare the various airports around the area that you are flying in to. We are lucky in South Florida to have several airports that are not too far. If you have a family member doing some last minute travel, it might be cheaper for them to fly into Palm Beach International airport. Always check the surrounding airports.

*One way? Believe it or not, sometimes buying two (2) one way tickets is the best way to go. Instead of limiting yourself to one carrier you are opening the doors to better deals for one-way flights.

There you have it, if you’re traveling last-minute there are still ways to get some great deals on airfare! Whatever it is you’re doing this holiday season, be sure to enjoy spending time with friends and family and be sure to make new memories while laughing at the old ones.

^Alysha

HOLIDAY CREDIT CARD SAFETY

I LOVE to shop and that’s no secret. But, I like to think of myself as a smart shopper. I try to find the best deals and bargains. This holiday season, I set out to do my holiday shopping early. I wanted to beat the rush, I knew what I was buying so I watched pricing and did a lot of my shopping on-line to avoid the lines and the crowds.

While sitting at work one day, I got a call from Tropical Financial’s Fraud department. My heart sank, it’s the holidays and credit card fraud is always on the rise during the holidays. They went over a list of purchases that appeared on my credit card and wanted to verify if my account had been compromised. Fortunately, my account hadn't been as they were all my purchase. That’s when I realized… exactly how much I LOVE to SHOP! But it also made me thankful that my Credit Union called me to verify since there was so much activity.

Take precaution

The holidays are upon us and that means a lot more account activity.  So it’s time to take precautions.

Online shopping

*Stick to ONE Credit Card: When you plan on doing a lot of online shopping, try sticking to ONE credit card, this way you can track the purchases, and limit the damage should your card be compromised. Also be sure to use a card that has purchase alerts, so you know every time your card is processed. This will help you keep track of your spending and be able to watch first hand for any unauthorized purchases. 

*Third- Party Payment: If you find yourself using the internet for your holiday shopping, link one credit card to a third party payment plan like PayPal or Google Checkout. This way you can enter your username and password and refrain from continuously entering your credit card information.

* Watch your internet access: Often times we are on the go, we see a great deal come through our email and we make the purchase. Be careful when it comes to “Free Wi-Fi” This is an easy way for someone to gather your personal information.

Offline shopping

*Keep your credit card out of sight: When you are in line getting ready to make a purchase, keep our credit card tucked away until you need it. You never know who is around you and who might be looking at your credit card number and memorizing it.

*Keep your credit card secure: When you are out shopping in the stores, take the few extra seconds to place your credit card back in your wallet. Don’t put it in your jeans pocket, or throw it in your purse, this is an easy way for someone to get a hold of your information.

*Check your statement: Whether you are shopping online or off, be sure to check your credit card statement daily. Review your receipts with your purchases and be sure you were not over charged and that everything matches up. Monitoring your account daily during heavy shopping periods is very important and can help if your card is compromised.

Have fun!

Enjoy the holiday season, enjoy shopping for those on your list but be smart about your shopping habits. If you see something on your statement that doesn't look right, be sure to call Tropical Financial right away and research that charge and be sure to never loan your credit card out to others.

Have a wonderful holiday season and have a blast shopping too!

^Alysha  

Home buying Partnership

Buying a new home can be challenging and hard to do… if you don’t have the right team by your side. Gary and Karen, were in the search for a new home in Indian River County. They came to Tropical Financial and met with Frank, one of our Mortgage Lending Officers. The process was smooth and in less than a month they were closing on their dream home.

Gary and his wife were so thrilled to work with Tropical Financial and were so pleased by how smooth the process was that they decided to become a partner company of Tropical Financial and offer the services to their employees.

Not only did Gary and Karen, purchase their dream home, but we built a partnership with them that will extend for many years to come!

If you are in the market for a new home, come in and speak with a TFCU Mortgage Loan Officer and watch your home buying dreams come true.

^Alysha

GREEN MONDAY... ANOTHER DAY FOR SHOPPING DEALS!

Have you finished your holiday shopping yet? What are you waiting for? The holidays are quickly approaching!

This shopping season has been full of great deals. November was a fantastic month to shop, not only did we see great deals on electronics but there were great bargains on toys too. Plus, we had the world famous Black Friday shopping. Then we had Cyber Monday, which is my favorite shopping day. I love the idea of shopping from my computer and not having to stand in long times and be surrounded by crowds. But, there is still one more day to shop and get unbelievable deals… Green Monday, which just so happens to be TODAY!

According to MarketWatch, Green Monday, which falls on the second Monday in December, is the third biggest online shopping holiday of the year. Green Monday is a great way to check off those last minute items on your holiday shopping list.

Green Monday Deals! 

So, the question many of you are probably wondering… “What kind of deals can we find for Green Monday?” There are many retail stores participating in Green Monday, such as Amazon, Apple, Best Buy, Sears, Macy’s, Office Max, and even cell phone companies. With Green Monday, you can get deals on electronics, toys, clothing, accessories and you can even get an extra 20% off of many discounted websites like Groupon and LivingSocial too! The deals are endless!

My first suggestion is to reach out to your favorite retailers on-line and see if they are advertising for Green Monday, then shop away! I've also found a great website, FatWallet.com which shows all the retailers involved with Green Monday and the deals you can find.

So, what are you waiting for? Get shopping and be sure to check off all those last minute items on your holiday list.

^Alysha  

What does your credit score say about you?

Have you ever looked at your credit score and wondered, “What does this number say about me?” 

A credit score is a simple three digit number that represents your risk level. Financial institutions and credit card companies use your credit score as a snapshot of how likely you are to repay borrowed money on time. 

Today, the best known way to capture your credit score is to use the Fair Isaac Corporation better known as FICO which was first introduced in 1989. The FICO model pulls from three credit bureaus: Equifax, Experian and Transunion to help create your credit score. 

Originally, credit scores were primarily used for loans. Today, your credit score is everything. Whether you are a looking for an auto loan, personal loan, mortgage, or even looking to rent an apartment, your credit score is pulled and will have an effect on your outcome. Many people don’t realize that employers are also starting to pull credit reports on applicants and your score could influence whether or not you get that offer. 

So what does your credit score say about you? 

Credit scores tend to range between 350 and 800, with 800 being a prime score to have. If your credit score is below 550 then you are on the lower end of the scale and will have a hard time getting approved for loans. Many financial institutions and credit card companies will see you as a risk for paying back your loan amount. 

If your credit score is between 550 to 720, then you are in the middle. So what does this mean? This means that you are likely to get the loan you applied for, however, you will most likely be paying a higher interest rate. 

And if you are in the prime, anywhere from 720 and up, then you are in a great place to apply for loans and be approved at the best rates available. 

Calculations

The number one question when it comes to our credit score is… “How is my credit score calculated?” We are presented this three digit number that holds so much weight but how is it figured out? 

Your credit score breakdown is as followed: 

10% Mix of Credit: Do you have a combination of different types of revolving credit loans like credit cards or installment loans like mortgages and auto loans? Having a variety of revolving and installment loans can help boost your credit score. 

10% New Credit: Do you get caught up in offers for store credit cards? “Open a credit card today and save 20%” KEEP AWAY! The more credit cards you open the more credit cards you open in a short time, the more risky you become. So beware this holiday season. 

15% length of credit: Starting and maintaining good credit habits over a long period of time will help raise your credit score. 

30% Capacity: Have you heard of less is more? Well that plays a big role when it comes to your credit score. Let’s say a credit card company gives you a $1,000 limit. Don’t use the full amount. By maxing out your credit cards or lines of credit, you are hurting your credit score. Even if you make payments on time you are still affecting your score. 

35% Payment History: Making payments on time is one way to boost your score and practice good credit habits. When the bill comes in pay it, don’t push it aside and wait because then you might forget about it. 

Your report

What does your report say about you? To view your credit report, you can check out Annualcreditreport.com this will give you an idea of where you can make improvements and what changes you need to make. You can also request your credit score for a small fee. Another great website to use is CreditKarma.com but, the credit score might not be as accurate as you’d like as it is only an estimate. Either way, be sure to check out your credit report and credit score once a year or before apply for larger loans such as, auto loans, personal loans and even mortgages. This way there are no surprises and you can be sure to get the best loan option for you! 

Don’t let a lower credit score set you back.   Now you have all the details on how to take control of your credit. 

^Alysha 

TIME TO SHOP SMALL

Now that the Black Friday deals are winding down are you still left with a list of people you weren’t able to check off? Everyone has at least one of those special people on their list who “have everything,” leading you to scramble at the last minute to find SOMETHING that will be appreciated. Instead of spending hours searching online, why not try shopping SMALL – as in Small Business Saturday.

Small Business Saturday was created in 2010 to highlight local businesses and give shoppers an alternative to big box retailers (Black Friday) and e-commerce stores (Cyber Monday) during the busiest shopping weekend of the year. It gives shoppers the chance to support the local community by investing in the local businesses which make our communities so special and unique. At the same time you have access to gifts that you may not find anywhere else in the world!  From locally owned restaurant gift certificates to one-of-a-kind jewelry pieces. Giving a gift that comes from a local business is not only special to the recipient, but it also supports our community.

If you’re not quite sure where to start to find local businesses check out the locally operated InSouthFlorida.com, which highlights businesses locally operated, including some awesome local deals! Click on the “Local Shops” to find some local businesses with unique and fun gifts you’re not going to find at any of those big box retailers.

So if you’re not too tired after the all night excursion at the mall and you’re looking for gifts to satisfy anyone on your list, then head out tomorrow and Shop Local!

^Amy

THANKSGIVING PAST

Today and tomorrow social media sites and the Internet will be filled with family stories, pictures, and the annual sharing of warm and fuzzy Thanksgiving messages. This is also a time of year when we remember the great Thanksgivings past, back when we were kids sitting at the “kid table” (really just a card table set up in an adjoining room because there was no room at the main table). I want to use this moment to reflect back on the “good ole days.” See if YOU can relate to any of my classic Thanksgiving moments:

• Counting the years until I could move up to the adult table – never mind the fact that there was no minimum age it really all depended on who showed up each year.
• FOOTBALL! I LOVE football and I can attribute that to my uncle taking all the kids to the Detroit Lions game every year while the cooking was being done…see I figured I could get out of cooking every year if I just went to a football game. Turned me into a true fan.  Of course that also meant I never learned to cook!
• The blood in the mashed potatoes from when my grandma would cut herself, because if there wasn’t a kitchen towel wrapped around her fingers/hands then it just wasn’t Thanksgiving.
• The exploding glass jar that my grandma used to make the gravy thickener…now I don’t know what it means or how she did it, but it always involved flour and boiling liquid in a glass jar that she would shake up and inevitably it would explode as she removed the top. 
• The fight for one of the coveted turkey legs (a fight I STILL win to this day!)
• The four different pies that people brought and you’d feel bad if you didn’t put slices from at least three of them on your plate.
• The post dinner story telling where we all would sprawl on the couches, chairs, even the floor and laugh at the stories from prior year get-togethers.

Now my family is very different.  My grandma passed away several years ago and with her gone the family traditions changed as we all went our separate ways to build new traditions.  But every year at this time I think back and share these stories with my own children so that even though we’ve built our own traditions, they will always know where it all started.

From all of us here at Tropical Financial Credit Union we wish you all health, happiness, and the creation of your own memorable Thanksgiving with family and friends!
 
Happy Thanksgiving,
^Amy

BLACK FRIDAY MAY NOT BE THE BEST DEALS

The holiday season is upon us which means it’s time for one of my favorite hobbies… shopping! I love the thrill of retail therapy and if you give me a discount or a coupon, forget it, I can spend hours online or in a store sorting through racks and finding great deals.

But, are we always finding the best deals? Since 2005, Black Friday has become one of the biggest and busiest shopping days of the year. Each year the store hours have opened earlier and earlier creeping into Thanksgiving Day. People line up for hours to get the best deal on limited quantity. But, are you really getting the bargain you think you are? Probably not!

Time for a new Plan Maybe it’s time to rethink your holiday shopping strategy. According to many news articles these past few weeks (including NerdWallet), Black Friday deals may not be the best deals. In fact, if you were to compare Black Friday sale papers from last year to this year, you will find a lot of the same sale items and pricing. For instance, in 2013and 2014 Target has had the Apple TV advertised in their Black Friday deals and the price is still the same… $89.00.

Also, some companies are catching on to the thrill of Black Friday and instead of lowering prices they are rising them for Black Friday but giving you the idea that you are getting a deal. Sneaky I know!

The best time to shop

Toys!So, for bargain hunters like myself, when is the best time to shop so you can get the best price? According to DailyFinance, the time is now! If you are looking for toy this holiday season, the day before Thanksgiving is your best time to shop. December 8^th and 19^th were second and third on the best days to shop list.

Apparel!

Are you looking to get a new wardrobe or maybe buy some much needed accessories? Cyber Monday is the best day of shopping for you. If you can’t make it to the malls on December 1^st, try keeping December 11^th and 18^th free on your calendar because the deals will be rolling out.

Electronics!

Every year people line up for electronics with Black Friday. Sadly, we missed the best deals for electronics it was November 1^st. But, Black Friday will have some great deals as will the Wednesday before Thanksgiving. The nice thing about shopping the Wednesday before Thanksgiving is you don’t need to camp out and be up at the crack of dawn.   

Happy Shopping!

There you have it, now make a list of the gifts you need, create a strong budget and get to shopping. Oh and this year spend time making memories with family on Thanksgiving instead of standing in lines.

^Alysha

BUDGETING TURNS DREAMS INTO REALITY

When you think about your dream vehicle what is the first thought that comes to mind? Is it the style of the vehicle? Maybe you think about the color. Or is it the must-have features like leather interior you need to make it a dream come true? 

I am fortunate enough to already own my dream car. A 1972 Chevelle. It’s navy blue with white stripes and while it might not have all the bells and whistles of the modern cars of today, my Chevelle is perfect to me. 

Finding your dream vehicle is easy to do… paying for your dream vehicle now that’s another story. There are ways to turn your dream into a reality and it all starts with the basics, creating a budget.  That can be in done in three easy steps.  To learn those steps, check out today's Money Minute to get started and create the perfect budget so you can quit dreaming and start driving!

^Alysha 

IT'S ELECTION DAY - VOTE FOR A CREDIT UNION!

What was the very first financial choice you ever made? Think about it.

 

It likely took place before your first job, even as far back as when your annual income consisted

of Tooth Fairy money and lucky pennies. The very first financial decision you ever made is also

one of the most important choices, it’s where to keep your money.

When you first made that decision, piggy banks, sock drawers, and “buried-in-the-sandbox-like pirate-treasure” all seemed like perfectly acceptable options. As it turns out, they aren’t nearly as super-secret as you might have hoped. Opening a bank account is the best solution, but in order to do that you first need to choose a financial institution—and so the choice becomes “bank or credit union?”

Banks and credit unions offer essentially the same products and services, but there are huge differences in the way they operate. Despite this, many people put more thought into building their Netflix queue than they do choosing their financial institution. It’s a Money Thing is here to help fill in the gaps and show you how the differences can affect your dollars. Whether you’re just starting out or rethinking your current financial setup, here is what you need to know.

 

The main difference between banks and credit unions is in their structure. Banks are for profit, while credit unions are member-owned and operated. This means that banks have numerous expenses that credit unions simply don’t have. Banks have to pay their shareholders, their private investors, and even their board of directors (credit union boards are typically volunteers elected by credit union members)—and all this is in addition to regular operating costs. Banks are set up in a way that allows a select group of people to make money off of your banking activity.

Credit unions, on the other hand, are set up in a way that allows all of its members to benefit from its profits. Once its operating costs are covered and reserves are set aside, the profits are distributed back to members in the form of free banking products, lower interest rates on loans and higher interest rates on savings accounts. Credit unions in the United States are also exempt from federal and state income taxes which translates to even more profit that comes back to members.

Credit unions sound pretty great, right? You might be wondering why some people choose banks over credit unions, even though credit unions consistently outperform banks when it comes to deposit and loan rates and customer service.

The simple answer is that banks are bigger, and some people believe bigger is better. A better approach is to find out what your banking priorities are. Here are some factors to consider:

 1) Am I eligible for an account? Banks are open to anyone. Credit unions have membership requirements, but don’t let that intimidate you! Requirements can be as simple as living in a

certain community or working in a certain field. For example if you live or work in Miami-Dade, Broward or Palm Beach County - YOU ARE ELIGIBLE to join Tropical Financial Credit Union!

2) How much does it cost to get set up? Are there any fees associated with opening an account? Is there a minimum balance required? Joining a credit union involves purchasing a share (at Tropical Financial Credit Union it's only $5), but this is different from a fee, it means that you’re a member-owner of the credit union.

3) Will I have good access to ATMs? You might feel as though you see larger bank ATMs everywhere, but credit union ATMs are just as accessible. In fact, the largest credit union ATM

network is actually larger than the largest bank ATM network. Find out what other financial institutions share your local credit union’s network. Free ATM transactions are not limited to machines with a particular credit union name on them.

4) What can I do online? More and more financial institutions are offering online banking services. Find out what you can do from your computer and smartphone. Can you check your balance? Schedule payments? Transfer money between accounts? Taking advantage of online products can be super convenient, and save you from taking a trip to the ATM or to the nearest branch. At Tropical Financial you can take your credit union with you wherever you go on your mobile device! With our mobile app you can deposit checks by taking a picture, check balances, transfer money and even add and pay your bills!

5) And speaking of the nearest branch, where is it? Find out what the hours of operation are and how they work with your schedule. Find out if you can bank through other branches, too. This could come in handy if there’s a location close to work or school. 

6) What can my financial institution do for me? Ask about products that are tailored to your

situation. How do the interest rates compare to other financial institutions? Are there free products you’re eligible for? Don’t settle for a financial institution just because you need an account. You should want to have an account there, too. At Tropical Financial we have different checking accounts to fit different needs - for the 25 and under crowd there's the Gen Next checking set up with extra benefits for those just starting out.

At the end of the day, choosing a financial institution is a personal decision with a huge influence on how you manage your money and your time. If you take some time to ask questions and compare services, you’ll find the best home for your finances.

 

^Alysha

HAPPY HALLOWEEN FROM TFCU!

Halloween is that spectacular time of year when we get to dress up and pretend to be something else, PLUS eat  A LOT of candy. Our department has always dressed up and this year is no exception (see picture above).

Have you ever stopped to think what people spend on things like candy and costumes? This country spends BILLIONS of dollars on Halloween...yes you read that correct - BILLIONS! According to the National Retail Federation, Americans have spent more than $7Billion on Halloween related items this year!  Here's the breakdown:

• $2.5Billion Halloween CANDY (wonder how much the dentist bills are next month?)
• $1.4Billion Adult Costumes
• $1.1Billion Children's Costumes
• $350Million PETS costumes (yup I did that one too)
• The rest in decorations & cards (you should see our yard)
• $77.52 is the average each person will spend this year on Halloween (again you should SEE our yard)

Regardless of what YOU have spent on this holiday, we hope that you've been having fun and enjoying a LOT of candy.

From everyone here at Tropical Financial - we hope you have a BOOtiful evening and a very Happy Halloween!!!

^Amy

WHY BUY A RENTAL CAR?

I remember when I bought my first car - I did so much research and felt completely prepared...until I walked into the dealership. Then the "negotiating" started and I felt completely UNprepared. The sales guy actually started talking about how I needed to pay more for the car because he had six kids and diapers were expensive (not kidding). Needless to say I moved onto a different dealer and worked the game from the beginning, more unsure than ever if I got a good deal.

Fast forward several years when a friend told me about buying a car from Enterprise Car Sales.  I couldn't imagine buying a car from a rental agency, with so many people using those cars they couldn't possibly be in good condition. Then I found out that these cars are actually better maintained than most people do with their own cars.  Before Enterprise sells a car, they put it through a rigorous inspection process.  They only sell the cars that pass inspection.  The cars that don’t pass are sent to auction and usually end up for sale at used car lots…the lots where I thought I could find the better quality cars!  That really opened my eyes. PLUS they have a set price for their cars - NO HAGGLING (and no stories of needing diaper money). Add that with a fair trade using Kelley Blue Book for your old car and excellent financing from the credit union makes for an easy experience that ends with YOU in a new ride!

^Amy

ADVANTAGES OF A HELOC

As home values continue to rise in South Florida, it might just be time to check out what your home is worth. You may be pleasantly surprised and be able to tackle some big projects you've been putting off. I desperately wanted a new kitchen, and I found out that I now could afford it - it was "on the house"!
I wanted to share some great advice about HELOCs from our friends at Nerd Wallet ^Amy

Whether you need extra cash for home improvements, to consolidate credit-card debt or pay for medical expenses, a home equity line of credit (HELOC) may be your lowest-cost borrowing option this year. 

Besides low interest rates, this mortgage product provides a number of advantages, including potential tax savings, low fees and borrowing flexibility.

What is a HELOC?

A home equity line of credit lets you borrow against the available equity you have in your home, or its fair market value minus whatever is owed on any mortgages tied to it. A HELOC is a form of revolving credit, usually with a lender-set time limit and a variable interest rate on the money borrowed.  

If you’re approved for a HELOC, the maximum you can borrow will be based on the equity in your home.  For example, Tropical Financial Credit Union finances up to 90% of the property value minus the first mortgage. So if your home is valued at $200,000 and you owe $120,000 on the mortgage, your equity is $80,000 and you may be able to borrow as much as $60,000 ($200,000 x 90% = $180,000 - $120,000 = $60,000).

The credit line you receive comes with a draw period, which is the length of time during which you can use the HELOC funds. The period typically lasts from five to 15 years and at Tropical Financial the draw period is ten years. You can use and repay as much of the HELOC as you like during this period.  After that  you will have a repayment period - at Tropical that period is ten years. During that time you can focus on repaying the outstanding balance, thus regaining your equity.

Here are some other potential benefits of HELOCs:

Borrowing flexibility

HELOCs offer a convenient way to make use of the equity you have in your home when you need it, and if you don’t use it, you won’t pay any interest. This distinguishes HELOCS from second mortgages, home equity and personal loans, that provide advances on which repayment often must begin immediately

 Low interest rate

Since you are using your home as collateral,  the initial rate you’ll pay is likely to be significantly lower than a personal loan. However, remember that today’s rates, which remain near historic lows, are unlikely to persist for a decade, and in time you may end up paying a significantly higher rate on what you borrow. Ultimately, the terms for your HELOC will depend on factors that include the amount made available, your history as a borrower, credit score, work history, income and other debts.

 Potential tax break

The interest you pay on money borrowed through a HELOC can be treated like mortgage interest to reduce your federal tax bill. This aspect also distinguishes these products from personal loans and credit card debt, neither of which provide tax benefits. Consult with a tax adviser to determine your specific situation.  

Given these advantages, a HELOC may be your best option if you’re a homeowner in need of some extra cash. 

Steve Nicastro, NerdWallet

#RefiMyRide

Throughout the month of September and even into October we're asking our members to show us selfies of how they roll!  So many people don't know that you can refinance your CAR! We wanted a fun way to let people know how easy it is to refinance a car from another financial institution to Tropical Financial AND earn up to $200* JUST for refinancing with us.  PLUS when you apply for the refinance you're automatically entered into our #RefiMyRide contest to WIN $500**!

When I first moved to Florida I knew about refinancing cars, but was SUPER impressed that not only was I able to save money through a better rate and payment, BUT by doing it I was awarded a thank you from Tropical of $200! So you know what I did, right?  I refinanced my family's second car!  Now of course there are restrictions - like if you've already have your loan with Tropical you're not eligible for the refinance offer - BUT you're definitely eligible for the contest! Just post a picture of yourself with your car on Twitter or Facebook with the hashtag: #RefiMyRide and you're ENTERED! 

Let's see if you're as cool as my awesome Pug Trixie - and SHOW US HOW YOU ROLL!!!

^Amy

Here's the legal stuff:
*Auto refinance does not apply to car loans finan­ced at TFCU or through SFAC. TFCU membership required with $5.00 minimum in savings. $7,000 minimum loan balance required for cash incentive and rate offer. Refinance offer limited to one per vehicle. *$100 cash bonus will be paid for loans between $7,000 and $9,999, $200 cash bonus will be paid for loans $10,000 and above. Cash bonus will be deposited to your TFCU savings or checking account at loan closing. Offer cannot be combined with any other loan offer. Other restrictions may apply. Rate will not be lower than 2.49% APR.
**No purchase necessary. Void where prohibited by law. You must be 18 years or older to enter. Odds of winning determined by the number of entries. Sweepstakes open between September 8 - Oct. 17, 2014. See tropicalfcu.com/refimyride for complete rules and alternate method of entering.

0% MAY ACTUALLY COST YOU MORE

Zero may sound like the best deal you can get, but when it comes to financing your car - zero may not necessarily be better.  If you have to give up a rebate to get 0% financing at the dealership, you may be giving up a LOT of money. 

In this episode of Money Minute learn how much trading a rebate for 0% financing can actually cost you.  Look at the numbers for yourself BEFORE you sign on the dotted line.

	0% Dealer financing	Credit Union financing
Price of car	$20,000	$20,000
Trade-in	$1,000	$1,000
Down Payment	$500	$500
Manufacturer rebate	$0	$2,500
Amount financed	$18,500	$16,000
Number of months in loan	36	36
Loan interest rate	0%	3.00%
Monthly Payment	$514	$465
Total cost	$18,500	$16,751
Total interest paid	$0	$751
SAVINGS	$0	$1,749

Here are a few additional DOs before you go to the dealership:

DO your research before heading to the dealer - know the true cost of the car with all the options before you start negotiating. Also make sure to do the research on the car your trading in. Check out Kelley Blue Book beforehand so you have an idea what you should be getting for your trade.  Remember not to mention the trade to the car salesman until after you've settled on the price of the new car.

DO get preapproved before going into the dealership. You can do that through Tropical Financial Credit Union at www.Tropicalfcu.com. This will give you a leg up when entering the F&I office (Finance and Insurance) as well as easily allow you to avoid being talked into any extras the dealer may want to add on.

DO talk to your insurance agent beforehand. Know what it will cost you to insure the new ride and make sure your budget can handle that expense.

Buying a car is a very exciting time, but if you're unprepared it can cost you more than it should. Remember the more you know, the more you save!

^Amy